Flipkart Group CEO Kalyan Krishnamurthy recently stated that the company is considering multiple geographies, including India, for its planned IPO. While the e-commerce major has been working towards an IPO for a few years, it was initially reported that it was looking at listing on Wall Street. However, Krishnamurthy did not rule out an IPO on the Indian stock market.
Krishnamurthy made this announcement during a conversation with global brokerage firm Jefferies. He also commented on the competition from Reliance and Meesho, stating that good competition helps the category and drives market expansion. However, he added that to scale across categories, end-to-end capabilities are necessary, and that Flipkart’s philosophy is to put the customer at the center of decisions, not the competitor.
Krishnamurthy also talked about the growing interest in quick commerce, acknowledging that the business model is difficult to operate profitably. He stated that Flipkart has dabbled in it and learned a great deal, but the biggest question remains on the viability of the business model itself. He added that Flipkart is already the No. 2 player in grocery and plans to add value for customers in that segment, as 99% of India is value-conscious. The company aims to deliver value and selection along with speed while being operationally effective.

According to Euromonitor, Flipkart is the market leader in India with a GMV of $23 billion and a strong horizontal presence. Currently, 70% of its customers come from tier 2/3 cities, and with Shopsy, the group aims to increase this to 90%.
Flipkart is one of the leading e-commerce companies in India and has grown rapidly over the years, expanding into new categories such as fashion, grocery, and electronics. The company was founded in 2007 by Sachin Bansal and Binny Bansal, who were later joined by Kalyan Krishnamurthy. Flipkart was acquired by Walmart in 2018, which holds a majority stake in the company.
The planned IPO of Flipkart is a significant development for the Indian stock market, which has seen a surge in IPOs over the last few years. It is expected to be one of the largest IPOs in India, and the company’s valuation is likely to be in the range of $35-40 billion. An IPO on the Indian stock market will also provide an opportunity for Indian investors to participate in the growth story of Flipkart, which has played a significant role in the development of the Indian e-commerce industry.
The e-commerce industry in India has grown rapidly over the last few years, driven by the increasing penetration of smartphones and the internet, as well as the growing preference for online shopping among consumers. The COVID-19 pandemic has further accelerated the growth of the e-commerce industry, with more consumers opting for online shopping due to safety concerns. According to a report by Bain & Company, the e-commerce market in India is expected to grow at a CAGR of 25% over the next few years, reaching a size of $200 billion by 2026.
In conclusion, Flipkart’s planned IPO is an important development for the Indian stock market and the e-commerce industry in India. The company’s decision to consider multiple geographies, including India, for its IPO is a positive sign for the Indian stock market and will provide Indian investors with an opportunity to participate in the growth story of one of India’s leading e-commerce companies.